Forex Analysis: 4 Mar 2024 Currency & Shares Updates

by | Mar 4, 2024 | Forex Analysis

Gold bars and bullions to represent ForexTabs 4 March 2024 Forex Analysis.

Forex Market Update 4 Mar 2024

This Week’s Overview:

  • Monday Insights: A quiet start with no significant economic announcements. Key earnings reports include Gitlab (GTLB), Stitch Fix (SFIX), and ThredUp (TDUP).

Currency Market Highlights:

  • Gold’s Potential Shift: With central bank meetings and the upcoming U.S. employment data, the market is on the edge of potential volatility.
  • U.S. Services Sector Watch: Tuesday’s ISM Services PMI is projected to slightly dip to 53.0 in February. A deviation from expectations could sway the U.S. dollar by influencing Federal Reserve rate predictions.
  • Central Bank Updates:
    • Bank of Canada: Expected to hold rates steady on Wednesday, with a keen eye on future policy direction.
    • Fed Chair Powell’s Congressional Testimony: Offers a glimpse into the Fed’s rate plans, especially regarding potential adjustments.
  • Thursday’s ECB and Powell’s Testimony:
    • The European Central Bank is not predicted to alter rates, though a dovish tone might weaken the euro.
    • Powell’s follow-up Senate testimony is anticipated to reiterate previous insights.
  • Friday’s Employment Report: Forecasted to report a 200K increase in nonfarm payrolls for February. Strong figures could postpone Fed rate cuts, influencing both the U.S. dollar and gold. Conversely, weaker numbers may lead to a softer Fed stance, potentially boosting gold.

Stock Market Brief:

  • Record Performance: The S&P 500 and Nasdaq closed last week at historic highs, marking a notable streak of gains.
  • Upcoming Challenges: Jerome Powell’s testimony and the jobs report will test the recent rally. The services sector and job openings data will also be in focus.
  • Earnings Anticipation: Eyes on upcoming reports from Target, Costco, and Kroger.
  • Federal Reserve’s Outlook: Powell’s semi-annual testimony is eagerly awaited for clues on economic health, inflation, and rate cut expectations, with markets foreseeing three rate cuts starting in June.
  • Labor Market’s Influence: The February employment report will be pivotal in gauging the labor market’s strength, crucial for policy transitions and recession avoidance.
  • Earnings Season Conclusion: The fourth quarter showed a 4% earnings increase for the S&P 500, with modest downward revisions for the current quarter’s forecasts.
  • Market Prospects: Despite early-year volatility expectations, the stock market experienced its best February since 2015, hinting at sustained positive momentum.

Cryptocurrency Update:

  • Bitcoin Stability: Remains steady at $63,557.
  • Ether’s Growth: Rises by 1.71% to $3,420, indicating continued interest and investment in cryptocurrencies.


In conclusion, as we navigate through the complexities and opportunities within the forex, stock, and cryptocurrency markets, Forextabs.com remains your indispensable resource for timely and accurate financial analysis. With our comprehensive updates and insights, we empower traders and investors to make informed decisions amidst market volatilities and trends.

Whether you’re gauging the impact of central bank decisions, anticipating market movements from economic indicators, or keeping an eye on the ever-evolving crypto space, Forextabs.com is dedicated to providing you with the essential information you need to succeed in the dynamic world of trading and investing. Join us to stay ahead in the markets and harness the potential for financial growth and success.